Will Limewire be the next Myspace?

I've been writing for quite some time about interesting developments that have been going on a Limewire, tracking how the file sharing company is quietly transforming itself into a social media platform. Now it looks like mainstream media outlets are also taking notice: The Fortune's Devin Leonard is reporting about Limewire's plans to go into search advertising and compensate artists.

The plan to roll out something like Google Adsense for P2P and media-related social web platforms hasn't really been embraced by any major music label - in fact, the majors are still fighting with Limewire in court - but things could change rapidly, writes Leonard:
"Not long ago, the thought of the big labels going into business with Lime Wire would have been laughable. But the music industry is changing rapidly. Earlier this year, Universal was suing MySpace in federal court for copyright violations. Now the majors are joint venture partners in the social network's new ad-supported free music service."

The article is a little vague on some details, but mentions that we might see some social networking or private P2P initiative from Limewire later this month. It will be interesting to see what Limewire will surprise us with next.